The history of biometric technology traced back to 1858, where hand images were recorded for identification purposes. In India, Sir William Herschel started recording handprint of employees on the back of contracts to identify them on paydays.
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What is the global biometric technology market size?
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Biometric technology market size
The global biometric technology market size is estimated to reach nearly US$ 15 billion in 2019. It is forecasted that the market will reach nearly US$ 32 billion by the end of 2026.
Analysis of the biometric technology market
Biometric system is used to identify humans, using some physical attribute to identifying people. Although the history of biometric identification goes back quite far, though the technology was developed in the 1990s where computer and advance machines started to emerge.
Now there are various types of biometric system used around the world, such as fingerprint, facial recognition, hand geometry, iris recognition, retina scan, voice recognition, ear shape, DNA matching, and thermography recognition.
There are various types of biometric systems applications for various purposes, whereas fingerprint authentication accounts for a larger market share compared to others. The major share of fingerprint authentication is due to the easy and cheap installation of the system, which can be used in almost all kind of organisations. They can also be used in various consumer electronics such as mobile phones, laptops, and tablets.
Drivers behind the global market growth
The main driver behind the global market growth is the rising demand for biometric fingerprint around the world. The other factors include the usage of biometrics in sensitive government places, usage in e-passports and e-visas for illegal immigrants checking, use in finance and banking. The integration of two or more biometric systems, for example, fingerprint with voice recognition, will bring more security to sensitive places and also will bring an increase in market size.
Market analysis by regions
North America accounts for a large market share in biometric technology due to its wide range applications in various sectors including homeland security, commerce, and defence. The US has been collecting fingerprints, faces images, and DNA data in its biometric system since 2009, which is known as DoD Automated Biometric Information System and managed by Defence Forensics and Biometrics Agency (DFBA).
The US is involved in wars in various countries, such as Afghanistan, Iraq, and Iran, where it also use biometrics to identify suspects. According to the US Government Accountability Office, the US has arrested or killed about 1,700 people in various countries between 2008 and 2017 by using biometric matches.
Key players in the biometric technology market
Some of the key players in the market include